U.S. Monetary Policy In The 1950s: A Radical Political Economic Approach

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Abstract
This paper uses archival materials to explain what the U.S. monetary authorities tried to do in the decade after they obtained independence from the Treasury Department in March 1951. The U.S. monetary authorities were given independence in order to stabilize the economy on a noninflationary growth path, and this is more or less what they tried to do until March 1956. But, after March 1956, it is shown that the U.S. monetary authorities abandoned their efforts to stabilize the economy in favor of efforts to strengthen capital against labor in wage negotiations, especially in the automobile and steel industries.

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